ANNA vs NCDL: Correlation
Measured on weekly returns over the past three years, AleAnna, Inc. (ANNA) and Nuveen Churchill Direct Lending Corp. (NCDL) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ANNA and NCDL?
On 3 years of weekly data the ANNA/NCDL correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.20) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -420.7 %².
Within ANNA's tracked universe of 103 assets, NCDL comes in at #68 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NCDL ahead by 22.7 points (-34.3% versus -11.6%). Note the risk asymmetry: ANNA runs 4.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ANNA vs NCDL: side by side
| ANNA (AleAnna, Inc.) | NCDL (Nuveen Churchill Direct Lending Corp.) | |
|---|---|---|
| 1-year return | -34.3% | -11.6% |
| 5-year return | -71.7% | n/a |
| Volatility (ann.) | 88.7% | 20.2% |
| Beta vs S&P 500 | -0.92 | 0.48 |
| Max drawdown (3Y) | -86.3% | -22.3% |
| Market cap | $0.1B | $0.6B |
| P/E (trailing) | 14.7 | 13.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ANNA | NCDL |
|---|---|---|
| 2023 | +7.3% | – |
| 2024 | -37.6% | – |
| 2025 | -57.6% | -9.9% |
| 2026 | -3.0% | -1.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ANNA and NCDL good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ANNA and NCDL?
The ANNA/NCDL correlation stands at -0.22 on a 3-year window (1 year: -0.20, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is NCDL a good diversifier for ANNA?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/anna-vs-ncdl.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/anna-vs-ncdl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ANNA correlations · NCDL correlations
